General Motors' planned $3.6 billion cash infusion to rescue its South Korean business will be in the form of loans, while Korea Development Bank (KDB) will receive preference shares for its $750 million investment in GM Korea, two sources familiar with the matter said on Wednesday.
General Motors' South Korean unit dropped a plan to consider filing for bankruptcy after winning concessions on pay, bonuses and benefits from its labor union in a tentative deal reached on Monday.
Tesla's troubles with media reports on working conditions and union organizing took a hard right turn on Monday. In response to Reveal's report on Tesla's workplace safety, the auto manufacturer accused the Pulitzer-finalist of being "an extremist organization working directly with union supporters to create a calculated disinformation campaign against Tesla."
General Motors' South Korean unit delayed a decision to file for bankruptcy protection until Monday afternoon, after the automaker failed to reach a wage deal with its labor union in time to meet a Friday deadline.
General Motors Co's president said common ground must be reached on a long-term financial restructuring of GM's South Korean auto unit by next Friday and if there was none, the operation would likely seek bankruptcy protection.
Volkswagen directors will meet on Thursday to discuss a far-reaching shake-up of its structure and leadership, in a test of unity for the car and truck maker's often divided management, labor chiefs and other stakeholders.
Volkswagen will give labor leaders a management board seat as part of a broad agreement to win approval for Herbert Diess as the German carmaker's new chief executive, sources said on Wednesday.
The United Auto Workers added new members for the ninth consecutive year in 2017 and the union remained in the black, but overall dues fell versus the previous year, according to the union's annual filing with the U.S. Department of Labor on Thursday.
Buying an American-made car is easy. Buying one made by union workers, well that's a little trickier.
Iacobelli pleaded guilty to conspiracy to violate the Labor Management Relations Act and to tax evasion.
"In many places we are still too slow, too bureaucratic and too hierarchical."
Workers have to sign an agreement not to publicly disclose details of working conditions.
Nissan said, "They have rejected the UAW and chosen to self-represent, continuing the direct relationship they enjoy with the company."
Purchases with the ill-gotten money include a Ferrari.
Here's a list of the cars at risk.
Gaby Toledano comes to Tesla from Electronics Arts.
"Both sides have a lot to lose in this case."
Workers at Tesla Advanced Automation Germany, which Tesla bought last year when it was called Grohman Engineering, may strike.